According to Facts & Factors, the global M-commerce market size is expected to surpass around US$ 472 billion in 2019 to US$ 3901 billion by 2026 and is expanding growth at a registered CAGR of 34.9% from 2020 to 2026.
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Market Overview:
Mobile commerce, also commonly referred to as m-commerce, is a subset of electronic commerce (e-commerce). It is the practice of concluding financial dealings over the internet with the assistance of portable computing devices, such as mobile phones or tablet computers. In 1997, at the global mobile commerce forum, the term “mobile commerce” was first coined. The exact phrase used to define mobile commerce was “the delivery of electronic commerce capabilities directly into the consumer’s hand, anywhere, via wireless technology.”
The expansion of the mobile commerce market has been driven in large part by developments in technology, such as faster processing power and internet speeds, more advanced smartphone devices, and more effective management of supply chains. Digital wallets, which make it possible to conduct transactions in a simple and risk-free manner, are becoming an increasingly important factor in the growing convenience of mobile commerce.
Because the vast majority of buyers in e-commerce conduct this information gathering through handheld devices, an increasing number of businesses are devoting more and more of their resources to optimizing their websites for mobile use and increasing their sales through mobile applications. In today’s information age, an individual’s decision is based on the information that he or she possesses. It has been found that more than half of all online shoppers access their accounts through their mobile phones, compared to slightly fewer than 405% who do so from their personal computers and very few who do so from their tablets. Statista reports that customers in the United States use their mobile devices while they are out and about in retail stores. They do it for a number of different reasons. 61% of customers conduct price comparisons while shopping in-store, and 63% of those customers use mobile app coupons while making purchases in-store.
In addition, 56% of customers use their mobile devices to check out what the store has available before making a purchase. Despite the fact that both m-commerce and e-commerce aim to achieve the same thing, the former has a number of advantages over the latter. Customers are able to complete transactions while they are on the go thanks to m-commerce. The ability to track a user’s location in mobile commerce apps enables the delivery of content relevant to that user’s interests and background. It makes it easier for local businesses to target customers with promotional offers and steer customers in the direction of the products they sell.
Key Market Players:
The 3D Systems Corporation, Ericsson, Gemalto, Google, IBM, MasterCard, Mopay, Oxygen8, PayPal, SAP, and Visa are among the many other companies that are considered to be among the most successful and leading in the field of mobile commerce.
Market Drivers:
It is anticipated that an increase in the demand for smartphones will be the primary factor driving demand for mobile commerce. The use of smartphones is rapidly becoming integrated into almost every aspect of modern life. The number of users is rapidly approaching 3 billion, and it is anticipated that this figure will continue to rise in the near future. China, India, and the United States make up the majority of the world’s demand. Because every person who owns a smartphone is a prospective customer of mobile commerce, the market for mobile commerce is expected to experience enormous growth over the next few years.
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Because of the numerous advantages it provides, corporations are increasingly investing in mobile commerce platforms, which is another significant factor propelling the growth of the mobile commerce market. Through a variety of customer loyalty programs, m-commerce has been shown to increase customer retention rates. The consumer is able to make an educated choice in an easy and convenient manner. It is possible to perform price comparisons, read customer reviews of products, and base a purchase decision on this information. Retailers are finding that making investments to improve user experience, such as by providing the experience of virtual stores by using the emerging technology of virtual reality and augmented reality, is a successful strategy to lock in customers and increase customer loyalty.
The lack of robust cyber security and data theft caused by complex attacks are, however, major challenges for the e-commerce market. Because the user experience of customers is dependent on a wide variety of stakeholders, it can be difficult to bring synchronization and synergy among the many different stakeholders involved in the supply chain. In spite of these obstacles, the commercialization of 5G technology and the widespread adoption of the internet will present numerous opportunities.
Regional Overview:
In terms of geography, it is anticipated that the regions that have the greatest amount will drive the mobile commerce market. access to smartphones; as a result, the Asia Pacific region and North America are expected to register significant growth. In addition, it is anticipated that the investment in the mobile commerce sector will lead to a significant expansion in the European region. It is anticipated that the African and Latin American regions will register growth as a result of the expanding middle-class population.
Global M-Commerce Market: Regional Segmentation Analysis
- North America
- The U.S.
- Canada
- Europe
- Germany
- The UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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